CEFC helps unlock energy productivity potential in Tasmania

23 March 2015

The CEFC is meeting with Tasmanian business leaders to explore means of cutting energy costs and unlocking energy productivity gains using finance for energy efficiency and renewable energy technologies.

Clean Energy Finance Corporation Chief Operating Officer Meg McDonald said the CEFC was in discussions on a number of projects in Tasmania.

"We're looking at proposals concerning investment in Tasmanian projects valued at more than $200 million across the agribusiness, forestry, mining and the utilities sectors," Ms McDonald said.

"From our work with businesses around Australia, it's clear that investment in more efficient equipment produces benefits for businesses, lowering their energy costs and increasing their productivity through the use of energy efficient equipment and processes.

"Right across the board, Tasmanian businesses are very interested in exploring their energy efficiency options, as well as the potential benefits from investment in on-site renewable energy."

Ms McDonald said that together, the CEFC and Commonwealth Bank were working to offer further opportunities for businesses through the Energy Efficient Loan (EEL) program, which is financing solar PV and other on-site generation installations, new purpose-built plant and equipment to reduce energy use, lighting and air-conditioning upgrades and commercial refrigeration upgrades.

"By investing in more efficient equipment or by supplementing electricity with solar, Tasmanian businesses can reduce the burden of their energy costs and improve their overall competitiveness," Ms McDonald said.

For example, the CEFC has helped:

• Kingborough Council, south of Hobart, to upgrade the lighting in its civic centre, anticipated to cut the building's lighting energy costs by 75 per cent.
• Plastics manufacturer Global Roto-Moulding, with operations in Victoria and Queensland, to install new energy efficient ovens that are expected to halve its oven energy use.
• South Australian tomato grower Sundrop Farms, who are building state-of-the-art greenhouses that will use solar thermal technology to desalinate seawater for irrigation and regulating greenhouse temperatures. Watch the video
• Western Australian business New Energy to develop a municipal waste-to-gas project that recovers energy from waste streams that would otherwise go to landfill.

Ms McDonald and energy solutions providers will present at seminars co-hosted by the CEFC and Commonwealth Bank in Hobart and Launceston, on 24 and 25 March. CommSec economist Savanth Sebastian will discuss the Australian economic outlook. Energy specialists from Energetics, MINUS40 and EMC (Energy Made Clean) will present case studies on successful energy efficiency projects.

About the Energy Efficient Loan Program

Under the Energy Efficient Loan (EEL) program, the CEFC and Commonwealth Bank are co-financing loans for businesses to save on their energy costs. The EEL is designed as a cost-effective financing solution to help businesses upgrade equipment to reduce their energy costs while preserving precious working capital.  The program is available nationwide for projects that meet CEFC eligibility criteria.

More information about the Energy Efficient Loan program is available from local Commonwealth Bank representatives or CommBank's Product Partner Manager - Asset Finance David Wilson on +61 2 9151 8366.